Alkali Metals – Another SELMCL, Resurgere in the making

Alkali Metals, the company is in the business of manufacturing a range of fine chemicals, based on related chemistry.The company had come out with a public issue of 25,50,000 equity shares of Rs 10 each, which was hardly subscribed 1.03 times.

It was listed today and closed at Rs 173. 4 on the NSE, at a huge premium of 68.35% to its issue price of Rs 103.The today issue size was jus 25 lakh shares but the total traded quantity was 1,06,70,652 shares and turnover was Rs 16855.36 lakh.

This is yet another case of operator driven ipo stock, like it happened in SELMCL, Resurgere and other stocks. So investors beware.